IOC reported an EBITDA of Rs 6.9bn, led by muted GRM of US$ 0.9/bbl on account of inventory losses. Crude prices fell by ~17% between July and September. IOC has the highest impact as its inventory days are almost double than other OMCs due to the location of its refineries. Interest cost remains low owing to 82% fall in gross under recovery. Net loss was Rs 3.3bn.